Solved by Expert Tutors
Solved by Expert Tutors
Question

b) What does falling total utility imply for marginal utility? Give an arithmetical example to illustrate your answer.

c) Complete the following table and answer the questions below:

i) At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know?

ii) "A rational consumer will purchase only 1 unit of the product represented by these data, since that amount maximizes marginal utility." Do you agree? Explain why or why not.

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